Elevate Capital and PGIM Real Estate complete $132 mil acquisition of Stamford Court

Stamford Court is a four-storey commercial building with 62,900 sq ft of net lettable area (Photo: Cushman & Wakefield)

Spark61, a joint venture between Singapore-based real estate investment firm Elevate Capital Group and PGIM Real Estate — the property investment arm of global asset manager PGIM — has completed its $132 million acquisition of Stamford Court from Singapore Land Group (SingLand).

Stamford Court is a four-storey commercial building with 62,900 sq ft of net lettable area located at 61 Stamford Road. It currently operates as an office space with ground-floor retail units. Completed in 1996, the building has a 99-year lease from 1994.

SingLand first announced the sale of its 100% interest in wholly owned subsidiary UIC Land, which owns Stamford Court, in August.

Following the acquisition, the joint venture intends to transform the commercial property into a mixed-use development with living, co-working, and lifestyle components.

“As our maiden investment, Stamford Court offers the potential to showcase our capability in re-imagining traditional uses of real estate,” says Ashish Manchharam, managing partner of Elevate Capital Group, in an Oct 24 press release.

Fiona Cho, chief operating officer and senior portfolio manager at PGIM Real Estate, adds: “As the global real estate market reaches an inflection point, investors are looking to re-enter the market in search of value-add opportunities with strong income potential.

“Stamford Court’s strategic location and excellent connectivity provide significant potential for its transformation into a vibrant, creative hub.”

Located in Singapore’s downtown core, Stamford Court is located within walking distance of three MRT stations — Bras Basah on the Circle Line, City Hall Interchange on the East-West and North-South Lines, and Bencoolen on the Downtown Line.

Other nearby landmarks include the Singapore Management University, the National Museum of Singapore and St Andrew’s Cathedral. The property is also a 10-minute drive away from the CBD and the Orchard Road shopping belt.